Hindustan Petroleum: Long Positional Trade IdeaHindustan Petroleum (HPCL) is trading at ₹419, showing strength on the daily chart with bullish momentum.
Key Observations:
Support Levels: Immediate support lies near ₹400, with a stronger base around ₹380.
Resistance Levels: A breakout above ₹420-425 could lead to a rally towards ₹450-460, with a longer-term target of ₹480.
Indicators:
RSI is trending near 64, indicating bullish sentiment but not yet overbought.
The stock is trading above its TEMA levels, reinforcing upward momentum.
Strategy:
Entry: Above ₹425 for a confirmed breakout.
Targets: ₹450 (short term), ₹480+ (positional).
Stop-Loss: Below ₹395 to limit risk.
Watch for volume confirmation on the breakout!